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<br />COVENANTS
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<br />200900732
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<br />1. Payments. Borrower agrees to make all payments on the secured debt when due. Unless Borrower and Lender agree otherwisc, any payments Lender receives from
<br />Borrower or for Borrower's benefit will be applied first to any amounts Borrower owes on the secured debt exclusive of intcrest or principal, second to interest, and then to
<br />principal. If partial prepayment of the securcd debt occurs for any reason, it will not reduce or excuse any scheduled payment until the secured debt is paid in full.
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<br />2. Claims Against Title. Borrower will pay all taxes, asscssments, and other charges attributable to the property when due and will defend title to the propelty against
<br />any claims which would impair the lien .of this deed of trust. Lender may require Borrowcr to assign any rights, claims or defenscs which Borrower may have against
<br />parties who supply labor or materials to improve or maintain the property.
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<br />3. Insurance. Horrower will keep the property insured under terms acceptable to Lender at Borrower's expense and for Lender's beneHt. All Insurance policies shall
<br />include a standard mortgage clause in favor of Lender. Lender will be named as loss paycc or as the insured on any such insurance policy. Any insunmce proceeds may bc
<br />applied, within Lender's discretion, to either the restoration or repair of the damaged property or to the secured debt. If Lendcr requires mortgage insurance, Bon"Qwer
<br />agrees to maintain such insurance for as long as Lendcr requires.
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<br />4. Property. Borrower will keep the property in good condition and make all repairs reasonably necessary.
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<br />5. Expenses. Borrower agrees to pay all Lender's expenses, including reasonable attorneys' fees, if Borrower breaks any covenants in this deed of trust or in any
<br />obligation secured by this deed of trust. Borrower will pay these amounts to Lender as provided in Covenant 9 of this deed of trust.
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<br />6. Prior Security Interests. Unless Borrower first obtains Lender's written contcst, Borrower will not make or permit any changes to any prior security interests.
<br />Borrower will perform all of Borrower's obligations under any prior mortgage, deed of trust or other security agreement, including Borrower's covenants to make payments
<br />when due.
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<br />7. Assignment of Rents and Profits. Borrower assigns to Lender the rents and profits of the property. Unless Borrower and Lender have agreed otherwise in writing,
<br />Borrower may collect and retain the rents as long as Horrower is not in default. If Borrower defaults, Lender, Lender's agent, or a court appointed receiver may take
<br />possession and manage the property and collect the rcnts. Any rents Lender collects shall be applied fIrst to the costs of managing thc property, including court costs and
<br />attorneys' fees, commissions to rental agcnts, and any other necessary related expenses. The remaining amount ofrents will then apply to payments on the secured debt as
<br />provided in Covenant I.
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<br />8. Leaseholds; Condominiums; Planned Unit Developments. BOffilwer agrees to comply with the provisions of any lease if this deed of trust is on leasehold. If this
<br />deed of trust is on a unit in a condominium or a planned unit development, Borrower will perform all of Borrower's duties under the covenants, by laws, or regulations of
<br />the eondominiwn or planned unit development.
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<br />9. Authority of Lender to Perform for Borrower. If Borrower fails to perform, any of Borrower's duties under this deed of trust, Lcnder may perform the duties or
<br />cause them to be performed. Lender may sign Borrower's namc or pay any amount if necessary for pcrformance. If any construction on the property is discontinued or not
<br />carried on in a reasonable manner, Lender may do whatever is necessary to protect Lender's security interest in the property. This may include completing the construction.
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<br />Lender's failure to perform will not preclude Lender from exercising any of its other rights under the law or this deed of trust.
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<br />Any amounts paid by Lender to protect Lender's security intcrest will be secured by this deed of trust. Such amounts will be due on demand and will bear interest from the
<br />date of the paymcnt until paid in full at the interest rate in effect on the secured debt.
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<br />10. Default and Acceleration. If Borrower fails to makc any payment when due or breaks any covenants under this decd oftrust or any obligation secured by this deed of
<br />trust or any prior mortgage or deed of trust, Lender may accelerate the maturity of the secured dcbt and demand immediate payment and may invoke the power of sale and
<br />any other remedies perinitted by applicable law.
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<br />11. Request for Notice of Default. It is hereby requested that copies of the notices of default and sale be sent to each person who is a patty hereto, at the address of each
<br />such person, as set forth herein.
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<br />12. Power of Sale. If the Lenderinvokes the power of sale, the Trustce shall first record in the omce of the register of deeds of each county wherein thc trust propcrty or
<br />some part or pareel thereof is situated a notice of default containing the infonnation required by law. The Trustee shall also mail copies of the notice of default to the
<br />Borrower, to each person who is a party hereto, and to other persons as prescribed by applicable law. Not less than one month after thc Trustec records the notice of default,
<br />or two months if the trust property is not in any incorporated city or village and is used in fanning operations canied on by the trustor, the Trustee shall give public notice of
<br />sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the property at public auction to the highest bidder. If
<br />required by the Fann Homestead Protection Act, Trustee shall offer the property in two separate sales as required by applicable law. Trustee may postpone sale of all or auy
<br />parcel of the property by public mmouncement at the time and place of any previously scheduled sale. Leud'er or its designee may purchase the property at any sale.
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<br />Upon rcceipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the property. The recitials containcd in Trustec's dced shall be
<br />prima facie evidience of thc truth of the statements contained thcrein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale,
<br />including, but not limitcd to, reasonable Trustee's fees, reasonable attorney's fees and reinstatement fees; (b) to all sums secured by this deed of trust, and (c) the balance, if
<br />any, to the persons legally entitled to receive it.
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<br />13. Foreclosure, At Lender's option, this deed oftrust may be foreclosed in the manner provided by applicable law for foreclosure of mortgages on real propelty.
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<br />14. Inspection. Lender may enter the property to inspect it if Lender gives Borrower notice bcforehand. The notice must state the reasonable cause [or Lender's
<br />inspection.
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<br />15. Condemnation. Borrower assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the
<br />property. Such proceeds will be applied as provided in Covenant I. This assigmnent is subject to the terms of any prior security agreement.
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<br />16. Waiver. By exercising any remedy available to Lender, Lender does not give up any rights to later use any other remedy. By not exercising any remedy upon
<br />Borrower's default, Lender does not waive any right to later consider the event a default ifit happcns again.
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<br />17. Joint and Several Liability; Co-signers; Successors and Assigns Bouud. All duties under this deed of trust are joint and several. Any Borrower who co-signs this
<br />deed of trust but does not co-sign the underlying debt instruments(s) does so only to grant and convey that Borrowcr's interest in the property to the Trustec under the terms
<br />of this deed of trust. 111 addition, such a Borrower agrees that the Lender and any other Borrower under this deed of trust may extend, modify or make any other changes in
<br />the terms of this deed of trust or the secured debt without that Borrower's consent and without releasing that Borrower from the terms of this deed of trust.
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<br />The duties and benel1ts of this dccd of trust shall bind and benefit the successors and assigns of Lender and Borrower.
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<br />18. Notice. Uuless otherwise required by law, any notice to Borrower shall be given by delivering it or by mailing it by certiI1ed mail addressed to Borrower a~ tl~e
<br />property address or any other address that Borrower has given to Lender. Borrower will give any notice to Lender by certified matI to Lender's addres~ on page I of thiS
<br />deed of trust, or to any other addrcss, which Lender has designated. Any other notice to Lender shall be sent to Lendcr's address as stated on page I of this deed of trust.
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<br />Any notice shall be deemed to have been given to Borrower or Lender when givcn in the maimer stated above.
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<br />19. Transfer of the Property or a Beneficial Iuterest in the Borrower. If all or any part of the property .or any.interest in it ~s sold or transf~rred without the Lendcr's
<br />prior written consent, Lendcr may demand immediatc payment of the secured debt. Lender may also demand llnmedl~te p~ym~~ l~the B?r:ower IS not a natural person and
<br />a beneficial interest in the Borrower is sold..or transferred. Howcver, Lender may not demand payment in the above situatIons If illS prohibited by federal law as of the date
<br />of this deed of trust.
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<br />20. Reconveyance. When the obligation secured by this deed of trust has been paid, and Lender has no further obligatio?, to make advancc~ under the instrumcnts or
<br />agreements secured by this deed of trust, the Trustee shall. upon written request by the Lender, reconvey the trust propmty. 1 he Lender shall dcltver to the Borrower, or to
<br />Borrower's successor in interest, the trust deed and the note or other evidence of the obligation so satisfied. Horrower shall pay any recordatIOn costs.
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<br />21. Successor Trustee. Lendcr, at Lender's option, may remove Trustee and appoint a successor trustee by first, mailing a ~opy ?fthe substitution of trustee as required
<br />by applicable law, and then, by filing the substitution of trustee for record in the omce of the register of deeds of ~ach COUII~ III whl~h the trust property, or s~me part
<br />thereof, is situated. The succcssor trustee, without conveyance of the property, shall succeed to all the power, dutIes, authonty and !ttlc of the Trustee named 1ll the deed of
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<br />trust and of any successor trustee.
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